Sonoma County, Ca. Local Real Estate radio show to discuss the very competitive real estate market here in Sonoma County and California.
Topics to include issues effecting home buyers and sellers in the greater Santa Rosa, Ca. and throughout Sonoma County.
- Pocket Listings – Why every home buyer should be aware of this, and why every home seller should not use this type of listing arrangement
- Unfair presentation requirements; Things to be aware of
- CAR (California Association of Realtors) upcoming Legislative Day
- ….and so much more.
Join us on today’s broadcast of the Real Estate Hour. Sonoma County, Ca premier Real Estate talk show. 9-10am (pacific). www.KSRO.com
Sonoma County, Ca. Our special guest today is Daren Blomquist. We’ll be talking about foreclosures and the real estate market; across the county, the state, and the nation. Since 2001 Blomquist has been instrumental in many facets of RealtyTrac as it has transformed into the industrial leader it is today.
He is also the managing editor of the company’s monthly newsletter, “The Foreclosure News Report”, which was named “The Nation’s Best Newsletter” by the National Association of Real Estate Editors, and is directly responsible for the creation of the company’s U.S. Foreclosure Market and Sales Reports which are cited by thousands of media outlets nationwide.
For our Realtor listeners only–This is a special offer from Daren at Realty Trac: “We also set up a special promotional offer for your listeners to get a RealtyTrac membership at a deeply discounted rate. This offer is for premium access to RealtyTrac, including address-level details along with owner, trustee and lender names, and much more. The special offer is $199 for a full year of access, which is nearly 70 percent off the regular rate of $49.95 a month. Basically they get a full year of access for the price of just four months.
To get this offer, they can click on the following link: www.realtytrac.com/kelly
Or they can call our member services at 800-913-8373 and ask for the “Radio199” offer.
As April 15th looms ahead, those in a 1031 Exchange need to be mindful of the time lines, especialy if you are WITHIN the 180 days of closing on your property or if you’ve just started the Identification process!! Great “Year-End” tax strategies for those in a 1031 Exhange with a tax deadline looming from our show favorite Toni Esposti or Old Republic Exchange Services. Also, don’t forget our 5 part series on “YouTube” on Tax deferred Exchanges.
Toni Esposit as she appeared on the “Real Estate Hour”, Sundays, 9 to 10am, KSRO, 1350AM or www.KSRO.com
Tax Deadlines and Reporting an IRC §1031 Exchange
|With tax deadlines occurring in March and April, it is important to remember that an IRC §1031 tax-deferred exchange must be reported on IRS Form 8824 for the year in which the property is transferred to another party in a like kind exchange. Applicable due dates for filing federal tax returns are as follows:
- Individuals, single member LLCs and sole proprietorships – April 15th
- Partnerships and multi-member LLCs – March 15th
- Corporations – the 15th day of the third month after the end of the corporation’s chosen fiscal year
Form 8824 and instructions to complete Form 8824 can be found at the following IRS links:
Finally, although most taxpayers have 180 days to complete an exchange, some taxpayers will have less time if their tax filing deadline occurs prior to the expiration of 180 days1.
In order for those taxpayers to get the benefit of the full 180 days, they must submit a request for an automatic extension of time to file their return. Individuals must file IRS Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Tax Return”, in order to obtain the benefit of the full 180-day exchange period. Business entities must file IRS Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns”. These forms can be found at the following IRS links:
For more information about IRC §1031 exchanges, please visit www.orexco1031.com or call 800-738-1031.
1The exchange period expires on the earlier of the following two dates:
(1) The due date of the taxpayer’s tax return for the year in which the property sold
(2) 180 days after the date the taxpayer transfers the property.
Therefore, if an individual, single member LLC or sole proprietorship transferred a relinquished property on any date between October 18th, 2012 and December 31st, 2012, the due date to complete the exchange is April 15th, 2013. If a partnership or multi-member LLC transferred a relinquished property between September 17th, 2012 and December 31st, 2012, the due date to complete the exchange is March 15th, 2013. To get the benefit of a full 180 day exchange period, taxpayers must file a request for an extension of time to file their return.